BNP states that the $3.6 trillion surge in US IPOs will enhance technology transactions in Europe.

      The IPO applications from SpaceX, OpenAI, and Anthropic have established a pipeline of US tech offerings valued at around $3.6 trillion. This momentum is likely to spark interest in European tech deals as well, according to Ygal el Harrar, who is the global head of equity capital markets for the technology sector at BNP Paribas.

      “Liquidity attracts liquidity,” he stated in a Paris interview. “The listing of major tech firms in the US will generate further opportunities and contribute to economic growth.”

      The US pipeline

      SpaceX submitted its public S-1 in May, aiming for a Nasdaq listing valued near $1.8 trillion, which would mark the largest IPO in history. Anthropic has filed confidentially with a valuation of $965 billion, while OpenAI followed shortly after with a valuation of $852 billion. Collectively, these three entities could contribute $3.6 trillion to US exchanges by autumn. SpaceX is expected to set its price as soon as this week, with Anthropic and OpenAI aiming for October and September, respectively.

      The European ripple

      El Harrar, who previously managed venture capital activities, took on the new tech ECM role earlier this year as BNP Paribas enhances its equity capital markets involvement in the technology field. He noted that the magnitude and excitement of the US mega-IPOs are creating ripple effects internationally. At BNP Paribas’s Private Market Track Conference in Paris this month, US investors expressed increasing interest in European tech. “We are seeking more excellent companies in Europe that align with our investment models,” said Mike Hayes, managing director at Insight Partners.

      European tech is already progressing

      Several notable European tech firms are on their way to public markets. Bending Spoons, the Milan-based firm behind Evernote and WeTransfer, has filed for a Nasdaq listing with a reported valuation of $20 billion. Monzo is preparing for an IPO on the London Stock Exchange valued at £6 to £7 billion, while the German quantum computing startup IQM is anticipated to be listed on a US exchange around June 2026. The European defense AI company Helsing recently raised $1.2 billion at an €18 billion valuation and is widely expected to go public within two years.

      What’s lacking

      El Harrar believes that a major obstacle to more European tech listings is the insufficient research coverage of emerging sectors. “For essential but new sectors like quantum, there is a need for better public awareness to ensure their development is monitored and understood,” he explained. The implication is that European tech companies in areas such as quantum computing, defense AI, and deep tech find it challenging to attract public market investors due to the limited analyst coverage in these sectors.

      The flags

      The $3.6 trillion figure reflects the combined private valuations of SpaceX, OpenAI, and Anthropic, rather than confirmed IPO returns. Actual market capitalizations at listing may vary significantly, and some industry experts have cautioned that three major IPOs could absorb so much capital that they may hinder smaller listings instead of promoting them.

      El Harrar's assertion that US mega-IPOs could enhance appetite for European tech is a hypothesis rather than a proven trend. Historically, European tech has faced difficulties in matching the scale of US IPOs, and the fragmented nature of the continent’s stock exchanges presents a structural disadvantage. It remains to be seen whether US investor interest will translate into tangible European deals.